INTERNATIONAL BANK ACCOUNT ABROAD FOR NON-RESIDENT 2024

FOREIGN BANK ACCOUNT ABROAD FOR NON-RESIDENT OPENING AN INTERNATIONAL OVERSEAS OFFSHORE BANK ACCOUNT ABROAD ONLINE GERMANY SWITZERLAND LUXEMBOURG SINGAPORE 2024

An overseas bank account is defined as a money deposit service made available by a foreign bank located outside the country of its holder and which will allow it to carry out banking transactions.

An overseas bank account can consist of a financial refuge for a person who wishes in addition to bank accounts he is holding in his country to open one additional account abroad for specific personal reasons.

Opening an overseas bank account is therefore suspicious, especially when it comes to bank accounts in exotic places called tax havens and an account abroad now faces two main obstacles: that of the tax authorities and the fight against money laundering linked to criminal or terrorist activities.

An international bank account abroad does not consist only of a so-called offshore account which for one reason or another benefits its holder of foreign laws to complete a reduction in taxes or duties, which is sometimes equivalent to tax evasion tax when it comes to tax havens.

An offshore bank account is by definition a banking product used to proceed with placement of money in addition to banking transactions, the offshore bank does not obey any specific jurisdiction.

An offshore bank account is opened with an overseas financial institution which doesn’t follow the international compliance regulations related to AML (Anti Money Laundering) and KYC (Know Your Customer).

WHAT IS A BANK ACCOUNT FOR NON-RESIDENT?

A non-resident overseas account is a bank account held by a person or organization that does not reside in the country concerned, in accordance with the country's regulatory definition of residence.

An overseas bank account for non-resident can be justified by many reasons why one may wish to open an international bank account as a non-resident, such as if you are often in the bank's country and want to reduce bank charges and card fees when spending money in the country.

A bank account abroad for non-resident can useful in the context of the acquisition of real estate or when it comes for some specific business investments in the overseas where the account owner is not living there.

IS OPENING A BANK ACCOUNT ABROAD LEGAL?

The answer is yes, opening one or more accounts abroad is completely legal, both legally and from a tax point of view, it is nevertheless necessary to declare the accounts and their content as dictated by the tax directive according to which any natural or legal person who has any tax domicile is liable to income tax on the basis of all of its income.

Opening and overseas bank account within the European Union, is subject to an automatic exchange of bank account data has entered into force since January 1, 2015 including Luxembourg, Switzerland which must have followed by 2019 .

IS IT POSSIBLE TO OPEN AN ACCOUNT ABROAD ONLINE?

Yes, it is possible to open an overseas account online without having to travel by following the instructions for opening a foreign account online, some countries do not offer free account opening, but many allow a non-resident to open a bank account online.

An online overseas bank account consists of a bank account offered by a banking organization for which operations are carried out on the internet, with the advantage that the online account abroad after opening is of course accessible via the internet regardless of where you are.

The foreign online account is first subject to opening the account which requires supporting documents and often the presence of the future account holder, unless they are represented with a power of attorney approved by the consulate of the country of the bank.

Online international accounts require specific documents which are necessary to be able to open a bank account abroad online are:

• Identity document (passport, identity card and driver's license are not accepted).
• Bank form to be completed including the type of the account (current account, business account, etc.).
• Proof of address certified by the consulate of the country where you wish to hold an account.
• Specimen of the signature also stamped by the consulate of the country of the bank.
• Origin of funds that will be deposited in the account abroad to comply with the origin of wealth.

LIST OF COUNTRIES OPENING ACCOUNT FOR NON-RESIDENT AND BEING CONISDERED AS TAX HEAVENS

The list of countries offering overseas bank account for non-resident around the world is long, however the majority of the countries has entered into international agreements to avoid tax frauds:

• Anguilla.
• Antigua and Barbuda.
• Bahrain.
• Belize.
• Bermuda.
• British Virgin Islands.
• Brunei.
• Cayman Island.
• Cook Island.
• Curacao.
• Dubai.
• Dominican Republic.
• Fiji.
• Gibraltar.
• Grenada.
• Guernsey and Jersey Island.
• Guyana.
• Hong Kong.
• Isle of Man.
• Jersey.
• Jordan.
• Lebanon.
• Liberia.
• Liechtenstein.
• Luxembourg.
• Macao, China.
• Marshall Islands.
• Mauritius.
• Monaco.
• Montserrat.
• Panama.
• Nauru.
• Oman.
• Samoa.
• Switzerland .
• Seychelles.
• Solomon Islands.
• St. Lucia.
• St. Vincent & Grenadines.
• Taiwan.
• The Marianas Islands.
• Turks and Caicos Islands.
• U. S. Virgin Island.

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